Core Viewpoint - The year 2025 marks a critical transition for the Chinese insurance industry, emphasizing a shift towards high-quality development and a transformation in the life insurance sector, particularly in product structure [1]. Group 1: Industry Transformation - The life insurance industry is undergoing a significant transformation, with a focus on product structure changes driven by a prolonged low-interest-rate environment [1]. - The predetermined interest rates for insurance products have been reduced for three consecutive years, reaching the lowest levels in nearly two decades: ordinary products down from 3.5% to 2.0%, and participating products from 3.0% to 1.75% [1]. Group 2: Market Trends - By 2025, floating yield products such as participating and universal insurance have replaced traditional fixed-rate products as the focal point for life insurance companies [2]. - In the 2025 mid-year reports, China Life's floating yield business saw an increase of over 45 percentage points in first-year premium income compared to the previous year, while Ping An Life's participating insurance accounted for 40% of new business value [2]. Group 3: Company Performance - Sunshine Insurance Group's Sunshine Life has shown significant results in its transformation, with floating yield and protection products exceeding 50% of its individual insurance business, a 26 percentage point increase year-on-year [2]. - The ongoing reforms at Sunshine Insurance have solidified its long-term value foundation, demonstrating a commitment to optimizing product offerings [3]. Group 4: Future Outlook - The continuous deepening of participating insurance is expected to drive structural improvements in the life insurance industry, with new business value (NBV) growth projected to exceed 15% for listed insurance companies in 2026 [3]. - The shift from scale to value in the life insurance sector signifies a maturation of the Chinese insurance market, indicating a healthier and more sustainable growth cycle ahead [3].
产品结构加速优化，人身险行业迈向价值增长新周期